More Seed Money For Hungarian Startups

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An uplifting piece of news for Monday morning: more seed money will be available in the CEE.

Investors, by the look of it, are prepared to take the early-stage risk. After a recent announcement by the Austrian venture fund SpeedInvest (10 million Euros), about closing a seed fund for investment into the technology startups in the CEE region, a smaller venture fund Day One Capital Ltd, based in Budapest, Hungary has also completed its fundraising efforts.

Day One Venture Fund I is 1.37 million Euros angel fund, which will make seed investments in Hungarian and Central European startup companies. The fund is soon to report about its first investment currently in pipeline.

The CEO of Day One Capital is Csaba Kakosy, a former economy minister of Hungary, and Elek Straub, the chairman of the fund, has been a head of Magyar Telekom Group for over 10 years, and previously managed IBM Hungary.

Hungary has produced companies such as Log Me In, listed SaaS provider of on-demand remote connectivity and support solutions which now has over $ 1 billion market cap, Prezi, an cloud-based presentation technology company which now has over 5 million users. Hungarian startups we know are Dragontape (an easy-to-use video compilation tool), PocketGuide (mobile app for audio tours), Easyling (crowdsourced translations) and MixGar (a tool to influence ambiance by choosing music).

Now that the Hungarians have their seed funding sorted, there will surely be more news coming out of Hungary startup scene soon.

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Natasha Starkell

TwitterLinkedInFacebook Google+ Natasha Starkell is the founder and CEO of GoalEurope, advisory firm focusing on technology investment and software development in Russia and Eastern Europe. Prior to starting GoalEurope she has worked in the field of finance, mergers and acquisitions, corporate strategy and offshore outsourcing at Unisys Corporation in Switzerland and United Kingdom. She has an MBA degree from London Business School. She speaks Russian, English and German. She lives in Northern Germany.